Extension of the EB-5 Immigrant Investor Program to February 15, 2019
We are pleased to announce, after a very frustrating lapse of over 36 days, that the EB-5 Immigrant Investor Program is now being extended to February 15, 2019, with the minimum required investment amount remaining at $500,000.
The legislation extending the EB-5 Immigrant Investor Program was attached to a continuing resolution for funding the U.S. government, and so the extension of the program was held up in the dispute, between President Trump and the Congressional Democrats, over whether to fund the construction of new segments of wall on the border with Mexico. On Friday, January 25, 2019, President Trump relented and agreed to sign a continuing resolution without funding the construction of the border wall, but with the extension of the EB-5 Immigrant Investor Program and with funding for the U.S. government to resume full operations until February 15, 2019.
During the government shutdown, both USCIS and the State Department had funding and were able to continue operating. However, during the lapse in the EB-5 Immigrant Investor Program, by law, USCIS was not authorized to accept any new filings of I-526 petitions or to process any pending I-526 petitions for investments in projects under the EB-5 Immigrant Investor Program. Also, U.S. consulates cancelled interviews of investors, who have an approved I-526 petition under the EB-5 Immigrant Investor Program, since they were also not authorized to decide any immigrant visa applications under this program while the program was lapsed. Likewise, investors with an approved I-526 petition under the EB-5 Immigrant Investor Program, who were in the adjustment of status process in the U.S., remained in legal status with their adjustment of status process pending, and were able to renew their work authorization and advance parole travel document, but their adjustment of status process could not be approved while the program was lapsed.
Many people were confused by reports that USCIS was still processing I-526 petitions during the lapse in the program. It is important to note that there are two different EB-5 programs. There is the so-called "Standard" EB-5 program, created on November 29, 1990, which requires the investor to create a new enterprise that creates 10 new, full-time, direct employment jobs. This program is permanent. The EB-5 Immigrant Investor Program, on the other hand, is a temporary program based on investment in projects operating under regional centers, where the job creation is indirect, and this program has been repeatedly renewed since its creation on October 1, 1992. While the EB-5 Immigrant Investor Program was lapsed, processing of I-526 petitions under the "Standard" EB-5 program continued. Processing also continued on I-829 petitions of investors under both programs. Once investors under either program obtains conditional permanent residence, a lapse in the EB-5 Immigrant Investor Program has no impact on their immigration process.
The bottom line for prospective EB-5 investors is that the EB-5 Immigrant Investor Program has been extended to February 15, 2019. The program remains popular in Congress, in particular with influential leaders in Congress, and so it is extremely likely that the EB-5 Immigrant Investor Program will continue to be extended. As explained above, the only reason for the lapse was that it was attached to the continuing resolution that was held hostage to the overall political dispute, between President Trump and the Congressional Democrats, over whether to build more segments of wall on the border with Mexico. As I have outlined in previous articles, of greater concern in connection with the EB-5 Immigrant Investor Program, are the plans that some leaders in Congress and at USCIS have to increase the minimum required investment amount from its current level of $500,000. USCIS has proposed, and plans to implement at some as yet undetermined point in the future, regulations that would increase the minimum required investment amount to $1.35 million. While any prospective EB-5 would really need to rush in order to meet the February 15, 2019, deadline, and it might be infeasible to meet this specific deadline; nevertheless, if someone is considering to invest and immigrate under the EB-5 Immigrant Investor Program, it would be wise to invest and file the I-526 petition as soon as possible, since we might have only one more extension period, or maybe even multiple more short extension periods, before USCIS implements its proposed regulations raising the minimum required investment amount.